MAKE A GIFT IN 3 EASY STEPSSome might prefer the ease and flexibility that a beneficiary designation provides by using:
- IRAs and retirement plans
- Life insurance policies
- Commercial annuities
- Contact your retirement plan administrator, insurance company, bank or financial institution for a change-of-beneficiary form.
- Decide what percentage (1 to 100) you would like us to receive and name us, along with the percentage you chose, on the beneficiary form.
- Return the completed form to your plan administrator, insurance company, bank or financial institution.
AN EXAMPLE OF HOW IT WORKS
Robert and Carol treasure the financial help they've been able to give their children and Birmingham Landmarks/Alabama and Lyric Theatres over the years. Now that their kids are grown, Robert and Carol changed their estate plan so it could work harder for the people and causes they love. The couple updated their will to leave stocks and real estate to their kids. And they left us a $400,000 IRA to be transferred after their death. Because Austin Theatre Alliance is tax-exempt, all $400,000 will help support our mission.
If Robert and Carol had left the IRA to their children, approximately $128,000* would have gone to pay federal income taxes—leaving only $272,000 for their family's use. Robert and Carol are happy knowing they are making the most of their hard-earned money thanks to their updated estate plan.
*Based on an assumption of a 32 percent marginal income tax bracket.